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Minpeco had faith in the legal system of this country and their persistence paid off, said Mark Cymrot, a lawyer for the Peruvian company.
He dismissed questions about the ability of the Hunts to pay the damage award, saying, These are wealthy men and we should be able to collect.
Because of depressed conditions in the Texas real-estate market, the oil business and the Texas economy, the Hunt family foundation is under court protection under Chapter 11 of the Federal Bankruptcy Code. But the assets held separately by the three brothers are not under court protection. Hunts' Losses in Silver Collapse
Also, a major part of the damages could be paid by other defendants in the case, experts said. The court has not specified how liability will be shared among the defendants, only that the damages must be paid.
Throughout the trial, the Hunt brothers maintained that no conspiracy had taken place and that the frequent and large purchases of silver bullion and silver futures contracts they made in 1979 and early 1980 had not improperly influenced the market.
Indeed, when the price of silver collapsed in early 1980, the Hunts suffered heavy losses, by some estimates more than $2 billion.
They said events far beyond their control, including the seizure of the American Embassy in Iran and the Soviet invasion of Afghanistan, had made investors jittery, and therefore enhanced the value of silver and other precious metals, which tend to go up in price in times of political unrest. Firms Agree to Pay Damages
But lawyers for Minpeco, who said they spent five years and traveled the world to develop their case, persuaded the jury that the Hunts and the other defendants had had frequent meetings, talked many times over the phone and coordinated their orders of silver in a way that drove up prices.
Minpeco purchased its silver contracts and took its short position in early 1979, anticipating that the price would go down. Court records showed that the company made the investment on the advice of E. F. Hutton & Company and Merrill Lynch & Company, two of the largest American brokerage firms.
The two firms are among six investment companies that agreed before the trial began to pay $64.7 million in damages to the Peruvian company.
When they began their deliberations on Monday, the jury was given a list of 22 questions to be answered that covered the wide range of charges facing the Hunts, and five other questions concerning the amount of damages to be assessed.
Because this was a civil suit, the jurors were instructed that to determine guilt, they needed to find only a preponderance of evidence and not evidence beyond a reasonable doubt, as must be found in criminal cases.
On Wednesday afternoon the jury sent a note to Judge Lasker, which he read in court, saying the only question still under consideration dealt with the amount of damages to be assessed. The note made clear that the jury had ruled the Hunts liable on at least one of the charges, and seemed to suggest that a final determination of damages was at hand. Decision on Damages
But as suspense grew, the jury continued deliberating all day Thursday and all day Friday. It declined a request by the judge to continue its work Friday night, but said it would return yesterday morning.
Yesterday, in an announcement that prompted muted groans of anxiety among lawyers on both sides, the jury sent out a note telling Judge Lasker it was unable to reach a unanimous decision.
In response, the judge instructed the jury to return to the courtroom and read the decisions they had made on all 22 questions concerning the charges against the Hunts. In rapid succession, the jury foreman read yes to all the questions that pertained to whether the Hunts had been part of a conspiracy, had manipulated the silver market, had violated Sherman anti-trust regulations, had monopolized the silver market, had committed fraud and had committed racketeering through the use of mail and wire communications to advance a conspiracy.
The jury ruled that Lamar Hunt had not committed racketeering but was liable on all other charges; his two brothers were found liable on all counts, including racketeering.
After the verdicts were read, the lawyers were called into Judge Lasker's chambers for a meeting that some in the court speculated might lead to an agreement on the damages. However, at 1:30, under the urging of the judge, the jury returned to its their private deliberations, emerging an hour later with a decision on the damages.
Because the damages are difficult to compute, the lawyers differed on how much will ultimately be paid. Minpeco's lawyers said it would be $134 million, while the Hunts' lawyers put it at $132.6 million.
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